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Check out the companies making headlines Tuesday afternoon.
Meta – Shares of Meta slipped 9.37% as the overall market fell on Tuesday. The company’s bet on Reels faces hurdles — Instagram users spend less than a tenth of the 197.8 million hours that TikTok users spend on the platform each day, the Wall Street Journal reported Monday. Meanwhile, Morgan Stanley reiterated its overweight stance on the stock Tuesday and said investors should wait for more information on declining trends in user engagement during the next conference call.
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Rent the Runway – Rent the Runway plunged 38.74% after the release of disappointing second-quarter results that showed slowing subscriber growth. Additionally, Credit Suisse downgraded the company’s shares to Neutral from Outperform following the earnings report.
Oatly – Oatly fell 7.27% after Credit Suisse downgraded the beverage company to neutral from outperform and lowered its price target, citing higher consumer risk in Europe and Asia.
Adobe – Adobe’s shares fell 7.06% after BMO downgraded the company to “Market Perform” from “Outperform.” The company also lowered 2022 and 2023 revenue estimates due to long-term concerns about Adobe’s cloud product.
Dow Inc. – Dow fell 6.01% after Jefferies downgraded the chemical company to hold on buy-on-demand risks and oversupply.
Corteva — Shares of Corteva rose 0.87% after the agribusiness company announced a $2 billion share buyback plan.
SVB Financial – Shares in SVB Financial fell 5.28% after the company lowered its third-quarter guidance during a Barclays conference. It was also downgraded by several firms, including Oppenheimer and Piper Sandler.
Carvana – Shares of Carvana slipped 12.94% in a day after the company rose 15% on an upgrade from Piper Sandler. The firm said in a Sunday note that the company was too cheap to ignore.
Braze – Shares of the cloud computing company plunged 19.27% even as Braze reported earnings that beat Wall Street expectations. Still, analysts are concerned about the company’s future revenue. Cloud stocks generally fell during the market rally.
Eastman Chemical – Eastman Chemical’s shares fell 11.34% after the company cut its third-quarter earnings guidance to about $2 a share. The company previously issued guidance for “solid growth compared to adjusted earnings per share of $2.46 in the third quarter of 2021.” The new guidance is also below a StreetAccount forecast of $2.60 per share.
– CNBC’s Michelle Fox contributed to the coverage
